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Report: NYC Construction Down 20 Percent
A construction advocacy group says spending on building in New York City is expected to drop 20 percent in 2009.
In a report released yesterday, the New York Building Congress said sharp declines in private sector building are to blame for the predicted decrease.
Overall construction spending in the city is expected to fall to $25.8 billion this year from the all-time high of $32.4 billion in 2008.
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Residential and non-residential construction, such as office space and sports-entertainment venues, experienced "precipitous'' declines in 2009.
It forecasts a total of 24,000 new housing units will be built from 2009 to 2011. That's 10,000 short of what was constructed in 2008 alone.
Construction jobs also are expected to drop this year.
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